Why are there so many cryptocurrencies available on the net?

Question

We have too many cryptocurrencies.  I wonder if they can be consolidated into one. It seems as if there is competition to produce many. Each and everybody wants to own their own cryptocurrency

Comments

There are many cryptocurrencies available on the internet because they are decentralized, meaning they are not regulated by a central authority like a bank or government. This allows anyone to create their own cryptocurrency, as long as they have the technical knowledge to do so. Additionally, the underlying technology of most cryptocurrencies, called blockchain, allows for the creation of new and unique cryptocurrencies that can have different features and use cases. This has led to the proliferation of many different cryptocurrencies, each with their own specific set of features and intended use cases.

Answer 1

Digital currency is easier to move and does not require the influence of major banks. Also digital currencies are high risk- high reward investments.

Comments

Why are there so many of them?  We have bitcoin,  ethereum,  litecoin etc etc

Answer 2

A lot of cryptocurrencies are available on the net because it's the future and this is understood by alot of companies and major social media influencers like Gary vee and Elon Musk who then acts as guide for their huge number of fans to invest in crypto and share most amount of knowledge with them.

Answer 3

There are many cryptocurrencies available because they are decentralized and can be created by anyone. Additionally, the technology behind cryptocurrencies, blockchain, allows for the creation of new and unique cryptocurrencies with different features and use cases. Some people create new cryptocurrencies as a form of investment, while others do it to support specific industries or communities. Consolidation into one cryptocurrency is unlikely as it would require a consensus among all the different stakeholders, which is difficult to achieve due to the decentralized nature of the industry.